A brand new energy transfer in Hollywood might ship main shockwaves via the wrestling business—as a result of Netflix is now in unique talks to amass Warner Bros. Discovery, the guardian firm of TNT, TBS, Max, and sure, AEW’s total tv house.
In line with TheWrap, Netflix has supplied $30 a share for Warner Bros. Discovery’s studio and streaming property, beating out rival suitors Paramount and Comcast. The proposal additionally features a huge $5 billion breakup charge, mirroring phrases in Paramount’s earlier bid and signaling simply how severe Netflix is about locking this down.
“Netflix could also be contemplating a bid,” Puck Information initially reported. However now, that’s now not hypothesis—it’s a deal in movement.
If the acquisition goes via, it might drastically alter AEW’s standing within the media panorama. The wrestling promotion has been on TNT and TBS since its 2019 launch and presently companions with Max for streaming. With Netflix now getting into the world of weekly dwell wrestling by streaming WWE RAW each Monday beginning in 2025, AEW might discover itself needing to adapt or renegotiate phrases to suit inside the platform’s rising concentrate on premium dwell sports activities leisure.
Whereas TheWrap notes the make-up of the bid hasn’t been absolutely disclosed, earlier variations had been a mix of money and inventory. Regardless, it’s a daring shift from simply months in the past, when Netflix co-CEO Greg Peters was downplaying giant media mergers, saying they didn’t have an “superb monitor report.” Now, Netflix is poised to take management of legacy manufacturers like HBO, CNN, DC Studios, and the Harry Potter franchise—if regulators permit it.
That’s the opposite wrinkle. In line with sources, Netflix might face powerful antitrust scrutiny, particularly from the Division of Justice and California Lawyer Basic Robert Bonta, who beforehand opposed consolidation involving WBD.
The deal’s $5 billion breakup charge was reportedly added “to reassure WBD amid anticipated regulatory hurdles.”
In the meantime, Paramount isn’t going quietly. They claimed the bidding course of was rigged, sending a letter to WBD’s board accusing them of “abandoning the illusion and actuality of a good transaction course of.” Paramount had reportedly submitted its third bid simply earlier than the information broke, however insiders counsel Netflix’s extra aggressive phrases pushed it over the sting.
With all indicators pointing to Netflix because the frontrunner, the implications for AEW—and different dwell sports activities and leisure properties on WBD’s platforms—could possibly be huge.
If Netflix doesn’t see AEW’s wrestling as a match, Tony Khan could possibly be compelled to buy AEW to a brand new community, or restructure its total broadcast technique.
Do you suppose Netflix will maintain AEW programming after a WBD takeover? Ought to Tony Khan already be on the lookout for a backup plan? Drop your ideas within the feedback—we need to hear the place you suppose that is going.
December 4, 2025 11:26 pm